The Leading Newspaper, El Colombiano, reports: “Bidding War for Mineros Shares: Sun Valley Investments Launches an Improved Tender Offer.”

“El Colombiano” has recently highlighted us in an article. Translation by Sun Valley Investments.

Since late 2024, Sun Valley Investments has been seeking to increase its stake in the Antioquia-based company.

The competition for a larger shareholding in Mineros has become a major event in the Colombian stock market, where Swiss firm Sun Valley Investments and local company Negocios y Representaciones have launched offers to secure significant share packages.

Since last year, Sun Valley Investments has made two offers to expand its stake in Mineros. However, on Friday, Negocios y Representaciones countered with a competing public tender offer (PTO).

In response, the foreign firm adjusted its bid, increasing both the price per share and the percentage of shares it aims to acquire.

Within this context, Sun Valley Investments’ first PTO, which concluded in December, resulted in the purchase of a 5.8% stake in Mineros at a price of CAD 0.975 per share, which, at the time of settlement, was equivalent to COP 3,082.27.

In early 2025, Sun Valley Investments made another offer, seeking to acquire between 5% and 9% of Mineros at COP 4,600 per share.

Meanwhile, Negocios y Representaciones launched a competing PTO, offering COP 4,835 per share—COP 235 more than Sun Valley Investments’ bid of COP 4,600. The Antioquia-based firm aimed to acquire up to 9% of Mineros’ shares.

However, Sun Valley Investments swiftly responded with an improved PTO, raising its offer price to COP 5,500 per share, approximately CAD 1.92, payable in cash in Colombian pesos or U.S. dollars.

Under Sun Valley’s modified offer, the company may acquire between 0.00000033% and 26% of Mineros’ shares, representing an increase of up to 17% of the company’s issued and outstanding shares compared to its previous PTO.

The acceptance period for Sun Valley’s modified offer is expected to begin tomorrow, March 5, and conclude on March 18.

Currently, Sun Valley Investments, holding 92.4 million shares, is Mineros’ largest shareholder with a 30.85% stake, followed by Negocios y Representaciones, which owns 34.2 million shares, representing an 11.43% stake in the mining company.

So far this year, Mineros’ stock price has appreciated by 30.2%, trading at COP 5,350 on the Colombian Stock Exchange (BVC), a price lower than the COP 5,500 that Sun Valley Investments is offering in its improved PTO.

Read the original article in Spanish on El Colombiano:

https://www.elcolombiano.com/negocios/empresas/opa-mejorada-por-acciones-de-mineros-FF26762733

Original article by El Colombiano published on March 4, 2025,